After years’ of speculation, HDFC group today finally announced reverse merge of HDFC Limited (HL – the mortgage arm) into HDFC Bank (HB). Listed below are some key factual points for your perusal. Shareholders of HL will receive 42 shares of HB (FV Re. 1/- each) for every 25 shares of HL (FV Rs. 2/-each). … Read more
In one of it’s kind of arrangements (especially for HDFC Limited), HDFC has tied up with Indian Post Payments Bank (IPPB) for home loan distribution. Key points to note – IPPB has about 4.7 crore customers. HDFC’s idea here seems to get aggressive on affordable housing. HDFC said, “The partnership aims to facilitate HDFC Ltd.’s … Read more
2017 – “payment wallets like Paytm have no future” – Aditya Puri 2021 – HDFC and Paytm tie-up to leverage on each other’s strengths. Times change and so do the business compulsions ! It’s a very interesting arrangement and has the potential to lay roadmap for similar other tie-ups in future. Why is it so? … Read more
IPO-bound digital payments firm Paytm and India’s largest private sector bank, HDFC Bank, announced a strategic partnership to build comprehensive solutions across payment gateway, point of sale machines and credit products including Paytm Postpaid which is Buy Now Pay Later (BNPL) solution, Eazy EMI and Flexi Pay. The partnership will aim to empower new … Read more
HDB Financial Services Ltd (HDBFSL’s), subsidiary of HDFC Bank, posted a sharp drop (43.9 per cent) in net profit at Rs 130.6 crore in the first quarter ended June 2021 (Q1FY22) from Rs 232.7 crore a year ago. The second wave of Covid-19 hit the business volumes and collections in Q1FY22. HDBFSL’s net income in … Read more
HDFC Bank on Tuesday said the Reserve Bank of India (RBI) has appointed an external IT firm for carrying out a special audit of its IT infrastructure in the aftermath of repeated service outages at the country’s largest private sector lender over the past two years. “RBI has appointed an external professional IT firm for … Read more
Jagdishan, currently working as the ‘change agent’ of the largest private sector lender and head of finance, has been with the bank since 1996, and the appointment will put an end to one of the most keenly watched successions in the banking industry. Puri is widely credited with building the bank from scratch and leading … Read more
Since March, the bank has seen the exits of Abhay Aima, group head of private banking; Ashok Khanna, group head of secured vehicle loans; and Munish Mittal, chief information officer—all HDFC Bank veterans and close aides of its long-time managing director Aditya Puri. People aware of the matter have pointed to an expected top management … Read more
HDFC Bank Ltd has conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operation involving the unit’s former head, according to people familiar with the matter. India’s most valuable lender by market capitalization decided against proceeding with an earlier proposal to extend the employment of Ashok Khanna, an … Read more